If your income drops suddenly a little creative thinking can help you keep your house. Many couples qualify for a loan on the basis of two incomes if one of them experience as a financial setback, the house payment may be larger than the other one can handle alone. In a situation like this it may be useful to extend the maturity of your lawn in order to lower your monthly mortgage payments.
If you will step back he’s temporary, ask your lender if you can pay the interest only for a period of time; this means that you won’t be retiring any of the balance of the loan. When you begin making payments on the principal again, your monthly payment will be higher than before, unless you have also extended the maturity of your loan. A debt consolidation is also a way to resolve the situation.
Your mortgage broker can suggest a variety of ways to maintain your house payment until your income has been restored. For professional advice on all aspects of mortgage financing contact, Paul Banas or his team at 716-633-5888 Or Visit our office at 27 North Long Street Williamsville New York 14221